Tenant: Pier 1 Imports | Southampton, NY Premises: 19,500 SF Renewal Options: 1 x 6 Years
Lease Expiration: August 23, 2019 Lease Type: NN Rental Increases: FMV at Option (NOI shall be no less than $712,681)
Located on the Best Corner in the Hamptons
Long Historical Occupancy at this Location – Tenant in Building Since 1991
Fully Renovated in 2001
High Visibility from Route 27/Montauk Highway
Located at Signalized Intersection of Montauk Highway and Flying Point Road. Strong Traffic Counts – Over 27,000 VPD
Route 27/Montauk Highway is the Main Thoroughfare that Extends All of Long Island In Its Entirety
Nearby Tenants Include: Mini of Southampton, Porsche of Southampton, Audi of Southampton, Hampton Motor Sports, Patio.com, BMW of Southampton, Bank of America, CVS, Starbucks and Stop and Shop
Property Must Be Passed by All Residents and Visitors Traveling To and From Bridgehampton, Montauk, Amagansett, East Hampton, Sagaponack and Water Mill
In Cooperation with JDS Real Estate Services, Inc. Lic # 10311205665
Pier 1 Imports Inc. is a Fort Worth, Texas–based retailer specializing in imported home furnishings and decor, particularly furniture, table-top items, decorative accessories, and seasonal decor. It is publicly traded on the New York Stock Exchange under ticker PIR. According to its investor relations website, "Our image is quirky, and our logo is iconic" and describes itself as "ever-original, ever-evolving".
The chain operates over 1,000 stores under the name Pier 1 Imports in the United States, Canada, El Salvador, and Mexico. The company also had a children's furniture and accessories retail concept in the United States called Pier 1 Kids which was disbanded in September 2007. It was a member of the S&P Midcap 400 list through the end of 2006, when it was bumped off the list.
Pier 1 Imports also owned a chain of home-decor retailers (40 locations as of February 2006) in the United Kingdom called "The Pier" until it was sold to Palli Limited, a subsidiary of the Iceland-based Lagerinn ehf in March 2006 for approximately $15 million. This chain went into Administration in December 2008 and was finally closed in January 2009.